90-061 Ordinance - Laserfiche WebLink

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, . ?•, ?„ CITY OF NORTH OLMSTED ORDINANCE N0. 90- 61 BY : RnNAT,n 'EAT,T.nN AN ORDTNANCE PROVIDING FOR THE ISSUANCE AND SALE OF A $100,000 NOTE, IA1 ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING THE CITY'S STREET SYSTEM BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND OTHER EQUIPMENT AND DEVICES TO DIRECT AND COATTROL THE FLOW OF VEHTCULAR AND PEDESTRIAN TRAFFIC, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 89-53, passed July 6, 1989, notes in anticipation of bonds in the amount of $180,000, dated August 10, 1989 (the 1989 Nvtes), were issued for the purpose stated in Section 1, to mature on June 6, 1990; and WHEREAS, this Council finds and determines that the City should retlre the 1989 Notes with the proceeds of the Note described in Section 3 and other funds available to the City; and WHEREAS, the Director of Finance as certified to this Council that the estimated the improvement described in Section 1 is at maxitnum maturity of the Bonds described in maximum maturity of the Note described in anticipation of the Bonds, is August 10, 2004; fiscal officer of this City has life or period of usefulness of least five years, the estimated 5ection 1 is ten years, and the Section 3, to be issued in NOW, THFREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Sect.ion 1. It is necessary t.o issue bonds of this City in the aggregate principal amount of $100,000 (the Bonds) to pay costs of improving the City's street system by acquiring and installing signals, signs and other equipment and devices to direct and control the flow of vehicular and pedestrian traffic. Section 2. The Bonds shall be dated approximately March 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that a note in the principal amount of $100,000 (the Note) shall be issued i.n anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the 1989 Notes. The Note shall bear interest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the A1ote may